THE CLOSE

Quite the day for equities as the markets opened lower and drifted down all day with hardly a bounce anywhere a long the way.

SPX -31.6, NAZ -68.6 and the DJIA -265.

Strongest of the sectors bonds, retail, metals, consumers and reits while gaming, banks, trannies, semis and small caps lagged.

NYSE- 400/2580;

NAZ - 303/2269;

SPX 20/450;

NDX 6/90;

RUT 75/1675;

RSI 2 levels on Major indexes at/near 5- pretty much as low as they go unless you want to talk 2008/2009;

VIX - up 13% at 25.4 and about 11% above the SMA 10;

Gold down 5 at $1,200.

Oil - down 2.7 at 77.5;

TEN year Note- 2.685 % - and way over bought down here;

The SPX closed a hair above the SMA 50 - and unless something comes to the rescue tomorrow it could get ugly early- although thinking here we could dip down in the morning and the rally - waiting for tomorrow to decide on that strategy-

I did dip in and buy some MMP today - and will look to add nice growth nice dividend -

MINDING THE GAP

Equity futures way down as folks re think the FED announcement from yesterday- ES -17.5, NQ-29 and YM -141.

In addition, major indexes will likely fall under their longer term moving averages as the SPX probably opens near 1107- down about 14 from yesterday's close.The SMA 50 still lends some support in the 1088 area.

Overseas markets down about as much s our futures with CAC 40 - 1.75%, FTSE -1.50%, and DAX -1.71%.

RSI 2 levels on the ES/NQ futures hovering near the 8 level.

Gold trading near 1208 and the Ten year rate lower again at 2.72%.

I expect the dip to get bought fairly quickly - but a gap fill - probably not.

AFTERNOON LOOK

Boring day in the equity markets today sans the action in HPQ and V - the SPX +3.7, NAZ +10.65 and the DJIA +31.

Strongest sectors- homies, retail, trannies, reits and small caps while nat gas, metals, oil service and biotech lags.

NYSE- 1130 net winners;

NAZ- 560 net winners;

SPX- 366/130;

NDX 66/30;

RUT- 1280/570;

VIX higher by 2.5% at 22.25;

TRIN- 1.17;

Up volume almost double the down on the NYSE;

Gold- down $5 near the $1200 number;

Ten year rate down a hair at 2.82%;

Market internals stronger than the indexes so looking for a pop higher later in the day- anticipating buying some SPY/QQQQ - although probably gonna stay with the Q's;

Nice article in Barrons pumping up V today and sold my HPQ that i bought in the AH market on Friday.